Nevada
LVR reports local home prices springing forward
LAS VEGAS – A report released Tuesday by Las Vegas REALTORS® (LVR) shows local housing prices springing forward in April, with condo and townhome prices reaching a record high.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during April was $469,000. That’s up 9.1% from $430,000 in April of 2023. However, local home prices are still below the all-time record of $482,000 set in May of 2022.
The median price of local condos and townhomes sold in April was $290,000, up 7.4% from $270,000 in April 2023. That’s an all-time high, surpassing the $287,000 mark set in August of 2022.
LVR President Merri Perry, a longtime local REALTOR®, said local home prices have remained resilient this year despite recently rising mortgage interest rates. Despite rising rates, she was pleased to see an increasing number of properties being sold last month.
“Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” Perry said. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”
By the end of April, LVR reported 3,476 single-family homes listed for sale without any sort of offer. That’s down 7.0% from one year earlier. Meanwhile, the 1,248 condos and townhomes listed without offers in April represent a 29.5% increase from one year earlier.
LVR reported a total of 2,960 existing local homes, condos and townhomes sold in April. Compared to April 2023, sales were up 19.2% for homes and up 16.1% for condos and townhomes. The sales pace in April equates to less than a two-month housing supply, which is similar to one year ago and considered low by historical standards.
According to LVR, 2023 was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and townhomes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.
During April, LVR found that 26.9% of all local property sales were cash transactions. That’s up from 22.3% one year ago. That’s well below the May 2013 cash buyer peak of 59.5%.
The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.2% of all existing local property sales in April. That compares to 0.8% one year ago, 0.5% two years ago, 0.9% three years ago, 1.5% four years ago and 3.0% of all sales five years ago.
These LVR statistics include activity through the end of April 2024. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:
- The total value of local real estate transactions tracked through the MLS during April was more than $1.4 billion for homes and more than $193 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in April were up 35.4% for homes and up 28.5% for condos and townhomes.
- In April, 83.0% of all existing local homes and 84.1% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 71.5% of all local homes and 75.7% of all condos and townhomes sold within 60 days.
About LVR
Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 17,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.
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Nevada
Winter storm warning blankets parts of California, Sierra Nevada
Accuweather forecast has warmer weather in store from Northeast
It’s finally going to start feeling like spring in the Northeast and, for some, maybe even summer. Bernie Rayno breaks down the forecast.
A winter storm warning is in effect for parts of northern and central California as snowy conditions continue to hit the state, potentially bringing over a foot of additional snow to a region that already saw accumulation this weekend.
The National Weather Service sent out the warning for some elevated mountain areas, including West Slope Northern Sierra Nevada and Western Plumas County/Lassen Park above 4500 feet, and the cities of Chester, Blue Canyon and Quincy.
The alert warns of additional snow accumulations of 12 to 18 inches above 4500 feet, with up to 2 feet at the highest peaks, as well as minor snowfall accumulations of 2 to 4 inches down to 4000 feet. Winds could also gust as high as 45 mph, NWS said.
The warning is set to last through 11 p.m. local time on April 12, with mountain travel highly discouraged as conditions remain slick on the roads, the Sacramento NWS office said.
The potential for additional snowfall comes a day after parts of the state saw multiple inches collect in higher elevations.
The UC Berkeley Central Sierra Snow Lab, nestled in the Sierra Nevada at Donner Pass, reported early April 11 seeing nearly eight inches of snow in its area. With the snow described as wet and dense, the lab also predicted between 18 and 36 inches more accumulation over the night of April 11 and throughout April 12.
The NWS initially launched a winter storm watch alert for the Sierra Nevada mountain range area on April 10, advising of moderate to heavy snowfall over the weekend. The April forecast indicated that certain regions along the Sierra Nevada could receive up to 4 feet of snow and wind gusts as high as 45 mph, according to the NWS.
Northern California also braced for other severe weather this weekend, including potential thunderstorms, brief but heavy rain, erratic winds, hail up to “an inch in diameter,” and a small chance of “weak tornadoes,” USA TODAY previously reported. Other parts of the state saw thunderstorms, lightning, and floods, including in the Sacramento Valley.
Other parts of the United States are expecting a boost in warm weather this upcoming week, including parts of the Mid-Atlantic and Southeast, which could see temperatures hit the upper 80s from Tuesday, April 14, until Thursday, April 16.
Kate Perez covers national trends and breaking news for USA TODAY. You can reach her at kperez@usatodayco.com or on X @katecperez_.
Nevada
Shooting in remote area of Nevada County leaves 1 dead, homicide investigation underway
A deadly shooting in a remote area of Nevada County Saturday afternoon is being investigated as a homicide, deputies said.
The shooting happened around noon on Yellow Pine Lane in the Grainteville Road area, deputies said. This is about 30 miles northeast of Nevada City.
One person died, and their identification has not been released.
A suspect is not in custody, deputies said Saturday evening.
No other details surrounding the incident have been provided and the investigation is ongoing.
Nevada
LETTER: Nevada and the Colorado River negotiations
In your recent editorial on the Colorado River talks, the Review-Journal is right that Nevada deserves fairness in these negotiations. Nevada uses the least water, leads in conservation and re-uses about 85 percent of what it draws.
So why is Nevada being positioned to give more? The Review-Journal makes the case against it, but stops short of addressing how years of prior negotiations have already set a precedent for Nevada to surrender portions of its legal entitlement. Southern Nevada Water Authority General Manager John Entsminger has advanced a plan that reportedly includes surrendering up to 50,000 acre-feet, nearly 17 percent of Nevada’s allocation, while upper basin states face no comparable requirement to improve recycling or reduce structural losses.
There is already plenty of “unfairness” to go around, particularly in how Southern Nevada residents have been expected to shoulder the burden (both financially and environmentally) in the name of “conservation.”
For years, water use reductions tied to Lake Mead levels have been driven in part by hydropower thresholds, while the public narrative has centered on the lake’s visible “bathtub ring” to justify restrictions. It is also worth noting that California benefits significantly from higher reservoir levels. Under the compact, water use within the system, not energy production, is the priority.
Now we are told the state will “fight like hell.” The question is: Why not fight for every drop of Nevada’s legal entitlement?
The editorial also does not address a critical fact: Colorado diverts a significant portion of its Colorado River water across the Continental Divide, sending much of it out of the system entirely. Nevada, meanwhile, returns most of what it uses.
Nevada has the smallest allocation, the highest efficiency, significant amounts of stored water and the infrastructure to access it. Yet its leadership appears to be negotiating as a mediator rather than defending those advantages. “Fighting like hell” for fairness means demanding accountability, not giving more away or allowing more to be taken.
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